Audit-1986
T
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
ANNUAL REPORT
December 31, 1986
CLUBINE AND RETTELE, CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
SALINA, KANSAS
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
INDEX
ACCOUNTANT'S OPINION
BALANCE SHEET - Exhibit I
STATEMENT OF REVENUE AND EXPENDITURES - Exhibit II
STATEMENT OF CHANGES IN FUND BALANCE - Exhibit III
NOTES TO FINANCIAL STATEMENT
INVESTMENTS
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT
TREASURER'S FIDELITY BOND
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CLUBINE AND RETTELE, CHARTERED
SALINA, KANSAS
To: The Board of Directors
Salina Firemen's Relief Association
We have examined the balance sheet of the Salina Firemen's Relief Association, as of
December 31, 1986 and 1985, and the related statements of income, retained earnings,
and changes in financial position, for the years then ended. Our examination was made
in accordance with generally accepted auditing standards and accordingly, included
such tests of the accounting records and such other auditing procedures that we con-
sidered necessary in the circumstances.
In our opinion, the financial statements present fairly, the financial position of
the Salina Firemen's Relief Association as of December 31, 1986 and 1985, and the
results of its operations and the changes in financial position for the years then
ended, in conformity with generally accepted accounting principles applied on a basis
consistent with that of the preceding years.
Respectfully submitted,
d~-%~.?n(~
May 7, 1987
(1)
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
ASSETS
Exhibit I
December 31,
1986 1985
$ 65,608 $ 87,971
130, 000 130,000
34,722
$ 230,330 $ 217,971
BALANCE SHEET
Cash in bank
Certificates of deposit
Prepaid life insurance
Total Assets
LIABILITIES
Benefits payable
$
2,090 $
FUND BALANCE
Fund Balance
228,240 217,971
Total Liabilities and Fund Balance
$ 230,330 $ 217,971
See accompanying notes to financial statements which are
an integral part hereof.
(2)
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
STATEMENT OF REVENUES AND EXPENDITURES
Exhibit II
For the Year Ended
December 31,
1986 1985
Revenues
Kansas Commissioner of Insurance
Insurance premium refunds
Interest
Benefits received
$
56,854 $
13,109
25.079
Total Revenues
95,042
Expenditures
Medical payments to injured firemen
Life and disability insurance premiums
Insurance benefits paid out
Legal and accounting
Treasurer's bond
Other
12,738
59,468
12,128
435
4
Total Expenditures
84,773
$ 10,269 $ 22,385
Revenues Over (Under) Expenditures
See accompanying notes to financial statements which are
an integral part hereof.
(3)
54,902
370
16,148
17,808
89,228
10,138
48,554
7,670
425
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29
66,843
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Exhibit III
STATEMENT OF CHANGES IN FUND BALANCE
For the Year Ended
December 31,
1986 1985
Fund Balance, beginning $ 217,971 $ 195,586
Revenues Over Expenditures 10,269 22,385
Fund Balance, ending $ 228,240 $ 217,971
See accompanying notes to financial statements which are
an integral part hereof.
(4)
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
1. A summary of significant accounting policies is as follows:
A. The modified accrual basis of accounting is used. The modifications
from the accrual basis are as follows:
1. Revenues are recorded as received in cash, except for
revenues susceptible to accrual and material revenues
that are not received at the normal time of receipt.
B. Expenditures are recorded on an accrual basis except for as follows:
1. Disbursements for inventory type items which are expensed
at the time of purchase.
2. Prepaid expenses which are not normally recorded.
3. Interest on long-term debt which is normally an expenditure
when due and paid.
C. Investments are stated at cost.
D. The Salina Firemen's Relief Association has no fixed assets.
The Salina Firemen's Relief Association has $ 130,000 which is invested in Certificates
of Deposit. Under the Federal Deposit Insurance Coverage Act, only $ 100,000 would
be covered by insurance.
(5)
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Schedule 1
INVESTMENTS
December 31, 1986
Matur ity
Date Number Rate Amount
Certificate of Deposit 1-30-87 103-79218 5.625 $ 30,000
Certificate of Deposit 2-17-87 103-80544 5.625 40,000
Certificate of Deposit 6-19-87 106-79002 5.700 60,000
Total $ 130,000
See accompanying notes to financial statements which are
an integral part hereof.
(6)
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Schedule 2
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT
December 31, 1986
Balance
F.D.I.C. Bank Unsecured
First National Bank & Trust Co. Coverage Balance By Bank
Demand Depos it s $ 65,608 $ 65,608 $
Investments 100,000 130,000 30,000
Total $ 165,608 $ 195,608 $ 30,000
See accompanying notes to financial statements which are
an integral part hereof.
(7)
,.
Treasurer, Salina Firemen's
Relief Association
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
TREASURER'S FIDELITY BOND
December 31, 1986
Date
Effective
9-10-86
Date of
Expiration
9-10-87
See accompanying notes to financial statements which are an
integral part hereof.
(8)
Schedule 3
Amount
$ 10,000